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Everest is a sole trader that has a 3 1 December 2 0 1 6 financial year end. The business sells a range of camping

Everest is a sole trader that has a 31 December 2016 financial year end. The business
sells a range of camping gear to a large customer base. Per inspection of the Statement of Financial Position as at 31 December 2015, the owner's equity balance amounted to R537800.
The following information is relevant for the preparation of the financial statements for the year ended 31 December 2016.
The profit for the period for the year ended 31 December 2016 amounted to R435000. The following is an extract from the trial balance that was prepared by the accountant as at 31 December 2016:
\table[[Account Name,\table[[DR],[Rand]],\table[[CR],[Rand]]],[Bank,34800,],[Vehicles,197000,],[Inventory,105600,],[Long term loan,,56000],[Equipment,567800,],[Accounts receivable,123400,]]
The above profit and trial balance figures were however calculated before taking into account the following adjustments:
a) Mr Everest, the owner took camping gear with a cost of R4500 as a gift for his nephew. The selling price of this gear amounted to R10500.
b) A new point of sales system was installed on 30 June 2016 for an amount of R15600 cash. The system is expected to operate over a period of 8 years after which it will need to be replaced.
c) Included in the profit figure is an amount of R60000 for water and electricity for months January 2016 to November 2016. The invoice for December 2016 was not captured as the payment in relation to the invoice had not been made by 31 December 2016. The amount per the December 2016 invoice amounted to R4500. Payment of the R4500 was made in early January 2017.
d) The profit for the period was calculated taking into account cash drawings made by the owner during the year of R67000.
e) Included in the profit figure is an amount of R12500 for advertising in relation to the maintenance of the business's website. The amount of R12500 was paid on 1 July 2016 and it was agreed with the supplier that the period of service would extend 8 months from the date of payment.
f) A donation of camping gear was given to a school in sponsorship of their camping expedition. The cost of the goods amounted to R6700. The goods had a selling price of R22000. No record has been made regarding this transaction.
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